Hong Kong Protests Cost Embattled MTR Operator $204 Million
A notice reading 'Not in Use Because of Vandalism' sits on a paint damaged ticket machine at the Kwun Tong station in Hong Kong on Oct. 8.
Photographer: Chan Long Hei/BloombergThis article is for subscribers only.
Damage to Hong Kong’s subway from six months of protests will cost operator MTR Corp Ltd. about HK$1.6b ($204 million), the company said in a filing to the Hong Kong stock exchange on Thursday.
The mass-transit operator said it expects its 2019 profit to be less than a year ago because of the social unrest, which has affected its transport operations as well as retail and rental businesses. MTR said its overall financial position remains sound, though passenger use of its services from July to November slumped 14% from a year earlier.